Find the final amount of money in an account if $7,900 is deposited at 3.5% interest compounded quarterly (every 3 months) and the money is left for 8 years. The final amount is $ Round answer to 2 decimal places. Question Help: Message instructor Submit Question Question 11 Find the final amount of money in an account if $4,900 is deposited at 6.5% interest compounded weekly and the money is left for 9 years. The final amount is $ Round answer to 2 decimal places.
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The formula for compound interest is: A = P(1 + r/n)^(nt) Where: A = the final amount of money in the account P = the principal amount (initial deposit) r = annual interest rate (decimal) n = number of times interest is compounded per year t = number of years Show more…
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